Seven years ago, lan purchased a $265,000 home with a 30-year mortgage at 3.5%. Having recently lost his job, he can no longer afford to make his mortgage paymentsIf he currently owes $225,368.29 and his lender offered to extend the loan by 7 years at %, what will be his new mortgage payment?

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Mortgage payments for a loan borrowed is paid by e... View the full answer